DISTRESSED LOANS AND BANKRUPTCY: WORKING OUT DEFAULTS

What could have been done to prevent the default? * What does the “bad-boy” guaranty really mean? Are there other ways to obtain leverage over the borrower's conduct? * What are the issues to address when you have a replacement guarantor? * What should your documents say (or not say)? * What are your options when dealing with a default? * Mechanics of foreclosing on equity (the reality vs. the dream of a 10-day sale) * Bankruptcy: foreclosure vs. deed in lieu of foreclosure * Current default rates: What are the asset and geographic considerations? * When is it time to call in a special servicer? * Restructuring of loan terms * The Mezzanine lender's cure rights: What are the pitfalls and benefits of taking control? * When do you foreclose? * Taking over the senior loan position * Will the cram-down again be fashionable? * Are troubled Mezzanine loans saleable in today’s market; and if so, who’s buying? * Secondary exits for equity investors and lenders holding defaulted loans

INCREDITORS AGREEMENTS AND DEAL NEGOTIATIONS: THE LEGAL PERSPECTIVE

What are the main deal and intercreditor issues being negotiated today? How have they changed over the last few years? What formerly-negotiated areas are becoming more standard? * Issues in multi-tiered structures, including pros and cons of "B”-notes and co-lender structures vs. separate mezzanine loans * Alternative structures, including subordinated lease-backs, equity participations and other creative structures * Recourse guaranties: Separate collateral or subordinated? * Intercreditor agreements in construction and non-CMSA loans * Negotiation experiences: is the borrower/lender balance changing? * Interesting lessons from actual deal negotiations